The global recycled plastic and plastic waste to oil market is primarily driven by the rising need to find sustainable unconventional sources of oil. Since plastics are derived from petroleum, they can be reconstituted to obtain oil. This process has become vital in today's environmental scenario, with the rising volume of plastic waste becoming a major ecological concern in several regions around the world. Converting this and other recycled plastic into oil would solve the ecological problems caused by it and assuage the rising problem of scarcity of oil.
Plastic to oil (fuel) process is one of the best emerging technologies to convert plastic into synthetic crude oil and other petroleum products. Plastic to oil (fuel) process not only aids in converting plastic to synthetic crude oil (fuel) but also enables eco-friendly disposal of plastic waste. Plastic to oil (fuel) process is an advanced waste conversion technology that is considered complementary to existing plastic recycling efforts as it usually does not consider plastic resins that are valued by the recycling markets. Plastic to oil (fuel) process is not projected as a replacement to traditional recycling practices. However, due to low plastic recycling rates, it is becoming a feasible addition to plastic waste management infrastructure.
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According to the TMR report, the growing acknowledgment of the benefits of the conversion of recycled plastic and plastic waste to oil has helped the global market for the same massively. The market was valued at US$542.8 mn in 2014. The market is expected to be valued at more than US$1.9 bn by 2024, rising at a sturdy 12.6% CAGR from 2016 to 2024.
The report segments the global recycled plastic and plastic waste to oil market on the basis of the type of plastic used to obtain oil into polyethylene, polyethylene terephthalate, polyvinyl chloride, polystyrene, and polypropylene. Of these, polyethylene took up the largest share in the global market in 2015. The reason for the dominance of the segment is the high energy density of polyethylene.
The global recycled plastic and plastic waste to oil market is segmented on the basis of fuel type into diesel, kerosene, synthetic gases, gasoline, and others. Diesel production took up the largest share in the recycled plastic and plastic waste to oil market in 2015 due to the rising demand for diesel in the booming transportation sector in developing economies.
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Geographically, Europe is the largest market for recycled plastic and plastic waste to oil. The high environmental awareness in the region and the proactive stance of most governments in the region in support of environmental protection are responsible for the dominant share of Europe in the global recycled plastic and plastic waste to oil market. Asia Pacific and North America followed Europe in the global recycled plastic and plastic waste to oil market in 2015 and are expected to remain major regional markets in the coming years.
The report also looks into the competitive dynamics of the global recycled plastic and plastic waste to oil market by profiling major players such as Agilyx Inc., Nexus Fuels LLC, Plastic Advanced Recycling Corporation, Cynar plc, Clean Blue Technologies Inc., and MK Aromatics Ltd.
The global recycled plastic and plastic waste to oil market is segmented as follows:
Global Recycled Plastic & Plastic Waste to Oil Market: Plastic Type Analysis
- Polyethylene (PE)
- Polyethylene Terephthalate (PET)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Other Plastics
Global Recycled Plastic & Plastic Waste to Oil Market: Technology Analysis
- Pyrolysis Process
- Gasification and Synthesis Process
- Catalytic Depolymerization Process
Global Recycled Plastic & Plastic Waste to Oil Market: End-Fuel Analysis
- Synthetic Gases
Global Recycled Plastic & Plastic Waste to Oil Market: Regional Analysis
- North America
- Asia Pacific
- The Middle East and Africa
- South and Central America
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